Question: E6-31 Applying and Analyzing Inventory Cost Methods At the beginning of the current period, Chen Company carried 1,000 units of its product with a unit

E6-31 Applying and Analyzing Inventory Cost Methods

At the beginning of the current period, Chen Company carried 1,000 units of its product with a unit cost of $32. A summary of purchasing during the current period follows. Also, during the current period, Chen sold 2,800 units.

Assume that Chen uses the first-in, first-out method. Compute both cost of goods sold for the current period and the ending inventory balance.

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